I decided to finally compare how the Top 20 had moved over time...

I decided to finally compare how the Top 20 had moved over time and since the more recent announcements. I was able to get a copy of the current Top 20 (as of last week). Here’s a little table I drafted up (hopefully not issue with the calcs but let me know if you find anything):

Obvious can’t say for sure when/why a Substantial or Top 20 holder will choose to change their position or not but notably:

# Top 20 continues to be well supported and tightly held <65% and limited changes within the Top 20 since, and in the lead up to, the IBM announcement, CEO resignation and Operational Update
# The 2021 Annual Report has the three substantial holders accounting for approx. 30% of SOI; other KMP hold about another 3%
# Top holder (Citicorp nominee account) has added to the already substantial holding size and offset the 2m shares sold down from MS nominee account (known from the earlier broker data and SP decline). I believe Citicorp nominees include the Substantial Shareholders (David Daglio and/or Zoltan Varga), of which Daglio is a NED – I have inferred this from the size of their holdings in the 2021 AR (ZV: 22m; DD: 8.4m) and previous change of director / substantial holding notices that list the individuals as indirect holders via Citicorp (e.g. ASX ann for DD’s holding dated 23/01/2020)
# Mostly all new investors coming onto the register in FY21 after the CR continue to hold – it’s also hard to say that a holding has been fully sold out from year-to-year as the Top 20 composition might be the driver (e.g. see #17 if FY20 and #19 in YTD FY22)

Yellow highlights refer what I think are some of the relevant Substantial shareholders, directors or KMP - thought I’d share this and see if it prompts any valuable discussion…